By Charlie Higgs – Owner Village Properties
Reading Property Market Update – July 2024
With the recent constituency boundary changes of Reading East and West to the new parliamentary constituencies of ‘Reading Central’, ‘Reading West and Mid Berkshire’ and ‘Earley and Woodley’, making sense of winners and losers could have been tricky but with a clean sweep by the Labour Party in all three, understanding the new political landscape has been made easy.
In this month’s market update, we look at how the Labour Party’s policies will impact homeowners and property buyers across Reading.
What is Labour’s position on Housing?
As the newly elected Labour leader Sir Keir Starmer moves into 10 Downing Street, many of us turn our thoughts to what Mr Starmer and the newly appointed Minister for levelling up, housing and communities Angela Rayner have in store for local home movers, exactly what we can expect from the new Labour Government?
The Labour Party’s first budget and fiscal update may not come until at least September, it’s likely we will have to wait until this time to see what the new Government’s major political announcements will be.
Although In the pre-election Labour Party Manifesto (2024) ‘Change’, Sir Kier does clearly set out his party’s housing objectives.
The Labour Manifesto states –
New Laws –
‘We will make new laws so that local people in England have more say in decisions to make their area better. Like decisions about transport and housing.’
Building New Towns
‘We will have a plan for the next 10 years to get better roads, transport and other important things the country needs.
Our plans include:
- Making roads good and safe for everyone.
- Better bus services for local areas.
- Changing towns to make them better and building new towns.’
Build 1.5 Million New Homes
‘Many people cannot afford their own home.
We will change this by building 1.5 million new homes.
That includes more housing that is cheaper to rent or buy. Like social housing.’
Although slightly at odds with the positive messaging in their Manifesto, the Labour Party have announced that First-time buyers are set to see their Stamp Duty exemption reduced back to £300,000 from April 2025 but have promised a Freedom to Buy scheme.
The Labour Party’s announcement to lower the Stamp Duty threshold for first-time buyers from £425,000 to £300,000 in April 2025 leaves us wondering if the party will introduce any major initiatives that will make it easier to get on the property ladder, given their Manifesto commitment.
Local buyers are certainly looking for Labour to fulfil its pledge to introduce the Freedom to Buy scheme, as they remain concerned that buying a first home continues to be very challenging.
Time will tell if we can trust the new Labour Government to deliver on its promises, we will keep you posted.
Tilehurst and Reading Property Market Update July 2024
Market activity within Tilehurst and Reading has remained steady throughout the General Election campaign, and though there are signs that some would-be movers are waiting for the first Bank of England Base Rate cut, most are continuing with their moving plans.
With the current market expectations that the first Bank of England Base Rate cut may be as soon as August or September, this would be a further boost for most home-movers and bodes well for the Autumn market.
The average five-year fixed rate is now 4.97%, which while below the peak of 6.11% in July 2023, is still much higher than the average of 2.51% in July 2021, before the first of 14 consecutive rate increases.
July has seen a steady flow of new stock coming to the market with property prices holding steady as confidence is slowly returning to the local market with the economic climate continuing to improve.
Recently Listed Homes by Village Properties
Here are just a few of the properties recently listed for sale from our Tilehurst Office –
House for Sale in Reading – Guide Price £1,200,000
House for sale in Tilehurst – Guide Price £800,000
House for Sale in Reading – Guide Price £700,000
House for Sale in Reading – Guide Price £600,000
House Sold in Reading – Guide Price £425,000
House for Sale in Tilehurst – Guide Price £375,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
Or see more ‘Recently Sold Properties’.
Considering a Summer move?
If you are thinking of buying or selling a home in Tilehurst or the surrounding areas of Reading, please feel free to call me for an informal chat, I’ll be pleased to help you if I can.
You can also book a Face to Face Valuation, or use our Instant Online Valuation tool.
Thank you for reading
Charlie Higgs – Village Properties Tilehurst & Reading
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